The FVS Valuation Podcast – Details, episodes & analysis

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Is CAPM still the gold standard for determining cost of capital—or is it time for a rethink? Valuation expert Roger Grabowski explores why CAPM often fails in practice and how shifting toward investment-specific risk provides a more accurate framework for real-world decision-making. We also discuss multi-factor models, ASC 820 implications, and practical strategies for communicating risk concepts to courts and auditors. 

Key Takeaways 

• CAPM's Limitations: Decades of research show CAPM struggles to predict returns accurately, making it less reliable for valuation in practice.
• Investment-Specific Risk: Moving beyond company-specific risk to focus on risks tied to cash flows offers a clearer, more relevant approach.
• Aligning Theory with Practice: Modified CAPM, multi-factor models, and ASC 820's exit value concept help valuation professionals better reflect market realities and communicate effectively. 

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses.

Guest: Roger Grabowski, FASA, Managing Director (ret.), Kroll LLC, Valuation Advisory Services
Host: Josh Shilts, CPA/ABV/CFF/CGMA, Director, Forensic & Valuation Services, Dean Dorton

RESOURCES FOR FURTHER EXPLORATION
If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links. 

JOIN:  The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

EARLY CAREER GUIDANCE:  Welcome to a career in forensic and valuation services

Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

• FVS webcast archive | Developing discount rates for fair value reporting
• FVS Practice Aid | Discount Rates, Risks, and Uncertainty in Economic Damages Calculations

The FVS Valuation Podcast archives

• Discounted Cash Flows with Roger Grabowski
• Valuation in a Climate of Uncertainty
• Reconciling Discount Rates for Intangible Asset Valuation in PPAs
• Macroeconomic Update 2025 - Cost of Capital and Valuation Impact

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

In this episode, host Nene Glenn Gianfala sits down with Greg Endicott, a seasoned valuation professional and technology innovator, to discuss the transformative impact of artificial intelligence on the valuation industry.  Greg shares practical insights and a detailed 8-step framework for successfully integrating AI into valuation practices—whether you're part of a large firm or a solo practitioner there are opportunities for efficiency, automation, and market expansion.
Key takeaways

• AI Is transforming every aspect of valuation
• Transparency, auditability, and professional standards are critical risks
• A structured, 8-Step framework for successful AI implementation

Guest: Greg Endicott, CPA/ABV. ASA, Managing Director, Strategic Value Group, LLC and Founder and President of ValueVision, Inc. a Microsoft Partner developing an AI-enabled valuation workflow and knowledge management platform.
Host:  Nene Glenn Gianfala, CPA/ABV, Senior VP and Shareholder, Chaffe & Associates, Inc. 

Please share your thoughts about the episode - click here to leave us a review  

Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com

RESOURCES FOR FURTHER EXPLORATION
If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links. 

JOIN:  The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

EARLY CAREER GUIDANCE:  Welcome to a career in forensic and valuation services

Guidelines for Responsible Use of Artificial Intelligence (AI) in Forensic and Valuation Services Engagements

Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

The state of AI and machine learning in financial instrument valuation | FVS webcast archive

The FVS Valuation Podcast archives

• Using AI in Your Valuation Practice – Part 1
• Using AI in Your Valuation Practice – Part 2
• ESOPs: Preserving Culture, Valuation and Empowering Employees

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

Dave and Lisa explore the intricacies of the market approach highlighting the importance of using reliable market data and multiple valuation approaches to achieve accurate results. They discuss how risk factors and company size influence valuation multiples and provide practical tips for applying these concepts in real-world scenarios. Key takeaways include:

• Combining income, market, and asset approaches helps mitigate the risk of skewed valuation results
• Understanding and adjusting for risk factors, such as customer and supplier risks, is crucial in determining accurate valuation multiples.
• Market multiples should be adjusted for forward-looking earnings and industry-specific risks to ensure they reflect the true value of a business.

Guest: Lisa Cribben, CPA/ABV, Partner, Hawkins Ash CPAs
Host: David Consigli, Jr. CPA/ABV, CDFA, Partner, FAZ Forensics

Please share your thoughts about the episode - click here to leave us a review  

Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com

RESOURCES FOR FURTHER EXPLORATION
If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links. 

Check out early bird and special discounts for AICPA and FVS Section members, and ABV, CFF and CVFI credential holders

• AICPA Forensic & Valuation Services Conference, Oct 28-30, Aurora, CO, in person and online
• AICPA Expert Witness Skills Workshop, Oct 28-30, Aurora, CO, in person only
• Business Valuation School - Sep 8-12, Raleigh NC, in person only
• Business Valuation School - Dec 1-5, Live online

NEW RESOURCE Welcome to a career in forensic and valuation services - early-career guidance, built for you

Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

• How to use MergerShark to improve your market approach | FVS webcast archive
• Valuation of Privately Held Companies Equity Securities Issued as Compensation
• Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies

 The FVS Valuation Podcast archives

• Women Leaders in Business Valuation 
• The Business Valuation Profession
• Enhancing Professional Growth through AICPA FVS Section Resources and Participation

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

Guest:  Richard Claywell, CPA

Host:  Josh Shilts, CPA/ABV/CFF/CGMA

Company specific risk premium is the metric that captures unique risk to a business and is comprised of external and internal factors.  Understanding how to identify and document these components is critical to providing valuations that are thoroughly supportable and defensible.

Josh and guest Richard Claywell discuss:

• A brief history of CSRP
• Qualitative and quantitative components of CSRP
• Litigation and CSRP

The podcast will also discuss some important issues to consider such as:

• How and when to apply reasonable assumptions in your analysis
• How to assess internal or management risk
• Help attorneys and clients understand CSRP

Please share your thoughts about the episode - click here to leave us a review  

Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com

RESOURCES FOR FURTHER EXPLORATION
If you're using a podcast app that does not hyperlink to the resources, please visit 
https://fvssection.libsyn.com/fvs to access the show notes with direct links. 

Exclusive content – Free for FVS Section members:  Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

 LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

Guests: Josh McDougall and Anna Maria Cicirello, CA,CPA/CFF/ABV,CBV 

With the emergence and popularity of cryptocurrency, there now exists a new avenue to hide assets during contentious proceedings.  In this podcast we will discuss:

• Indicators that a person or entity holds crypto assets
• Gaining access to crypto records
• Recommendations for forensic practitioners

The episode is brought to you by the AICPA's Forensic and Valuation Services Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/fvs to join our community and gain access to valuable member-only benefits.

Don't miss an episode – subscribe to our podcast channel! And leave us a review so we can continue bringing valuable and relevant content to you.

Guests: Josh McDougall and Anna Maria Cicirello, CA,CPA/CFF/ABV,CBV  

With new technologies come new opportunities for bad actors to exploit advantageous conditions that may increase the fraud landscape.  In this podcast we explore:

• What blockchain and cryptocurrencies are
• The risks and benefits of blockchain technology
• Ways to mitigate against fraud risk

RESOURCES FOR FURTHER EXPLORATION
Exclusive content – Free for FVS Section members:  Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

Guests: Craig Jacobson, MBA and Jevon Thomas, CPA, CFE, CAMS

This podcast will engage the audience in detailed discussion on specific Solvency Opinions topics as a continuation from the Solvency Evaluation in Fraudulent Transfer Actions  webcast. 

Topics for discussion:

• Understand differences between Valuation and Solvency Opinions
• Discuss recent COVID-19 industry impacts (e.g., High-end Retail, Restaurant, Entertainment, Hotels) on Solvency Opinions
• Discuss Solvency Opinions within the legal and regulatory environment

The episode is brought to you by the AICPA's Forensic and Valuation Services Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/fvs to join our community and gain access to valuable member-only benefits.

Don't miss an episode – subscribe to our podcast channel! And leave us a review so we can continue bringing valuable and relevant content to you.

Guests: Josh Shilts, CPA/ABV/CFF/CGMA 
Ken Rugeti, CPA, ABV, CFF

Reasonable Certainty is a legal definition that sets the standard by which courts hold estimates of damages claimed in a lawsuit.  When a party in a legal action claims damages, experts are retained to provide a damages analysis that will be scrutinized under this threshold.

Josh and guest Ken Rugeti discuss:

• General damages
• Consequential damages
• Examples of these concepts from real-life cases

The podcast will also discuss some important issues to consider such as:

• How and when to apply reasonable assumptions in your analysis
• Admissibility vs. cross examination
• How to use management projections

The episode is brought to you by the AICPA's Forensic and Valuation Services Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/fvs to join our community and gain access to valuable member-only benefits.

Don't miss an episode – subscribe to our podcast channel! And leave us a review so we can continue bringing valuable and relevant content to you.

Guests: Josh Shilts, CPA/ABV/CFF/CGMA and Melissa Davis, CPA

The impact of the COVID pandemic on businesses and bankruptcy did not play out as many had anticipated.  The support from the government through the CARES act and PPP loans appears to be helping individuals and businesses stay out of bankruptcy, but there is uncertainty around how long this will last.

Josh and guest Melissa Davis, CPA discuss:

• Low interest rates and government assistance appear to be holding off bankruptcy filings for now
• The economic uncertainty should be impacting company valuations going forward
• Knowledge of the client's industry, business, and economic help professionals prepare supportable valuations when helping a client navigate Chapter 11.

The podcast will also discuss some important strategies such as:

• Liquidation analysis considerations
• Potential clients and related services that practitioners may assist and provide during bankruptcy proceedings
• Practice management considerations to assess before taking on this type of work

The episode is brought to you by the AICPA's Forensic and Valuation Services Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/fvs to join our community and gain access to valuable member-only benefits.

Don't miss an episode – subscribe to our podcast channel! And leave us a review so we can continue bringing valuable and relevant content to you.

Guest(s): Michael Tran Duff, Assistant Vice President, Chief Information Security Officer (CISO) and Chief Privacy Officer (CPO), Stanford University

Doug Aguilera, CPA, CFF, CGMA, CFE

Cybersecurity threats are one of the biggest risks to an organization with little to no margin for weaknesses.  We discuss the types of cybersecurity threats, response preparation and the strategic use of lessons learned.  In this 2-part series, we'll discuss:

• The types of information being sought after
• Who the bad actors are - State-sponsored organizations, organized crime, and others
• Risk models
• The types of breaches, including phishing and access to networks and systems
• Responses when you do have a breach. Incident response systems, including planning, executing, learning, and implementing improvements
• Information accumulated in an effective investigation

The episode is brought to you by the AICPA's Forensic and Valuation Services Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/fvs to join our community and gain access to valuable member-only benefits.

Don't miss an episode – subscribe to our podcast channel! And leave us a review so we can continue bringing valuable and relevant content to you.